Explain determining the types of the various products
Explain determining the types of the various products that will be produced?
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Consumer sovereignty is the key to determining the types and quantities of the various products that will be produced. “Dollar votes” for a product when purchases are made and “dollar votes” against a product when products are ignored will determine which industries continue to exist and which individual products survive or fail.
Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
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